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Entries for discounted note payable Instructions Chart of Accounts Journal 0 Instructions A business issued a 60-day note for $60,000 to a bank. The note was discounted at 8%. Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity Assume a 360-day voar Refer to the Chart of Accounts for exact wording of account titles, o RE 9:14 PM 11/3/2020 Proceeds from Notes Payable on January 26, Nyree Co. borrowed cash from Conrad Bank by issuing a 45-day note with a face amount of s225,000. Assume a 360-day year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 9%. $ 150,000 x b. Determine the proceeds of the note, assuming the note is discounted at 8%. 148,125 x Feedback Check Wor The proceeds equal the cash initially received. Proceeds represents how much in value the borrower is walking away with in cash or merchandise o RE